Stanley Black & Decker, Inc. (SWK), while announcing weak third-quarter results, on Friday updated its fiscal 2023 forecast.
In pre-market activity on the NYSE, the shares were gaining around 3 percent to trade at $79.29.
For the year, the company now expects loss per share between $1 and $1.45, compared to previously expected loss of $0.50 to $1.25.
Adjusted earnings per share are now expected to be $1.10 to $1.40, higher than $0.70 to $1.30 expected earlier.
Analysts on average expect the company to earn $1.07 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
Patrick Hallinan, Executive Vice President and CFO, said, “We are creating strong momentum with our cost reduction program, delivering $880 million in inventory reduction and $675 million of pre-tax run-rate cost savings year-to-date, both ahead of our initial plans.”
In its third quarter, earnings totaled $4.7 million, or $0.03 per share, compared to $844.6 million, or $5.50 per share, in last year’s third quarter.
Adjusted earnings were $158.2 million or $1.05 per share for the period. Analysts had expected the company to earn $0.83 per share.
The company’s revenue for the quarter fell 4.1 percent to $3.95 billion from $4.12 billion last year, mainly due to lower volume and price.
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